Shaw Communications Q2 revenue $1.15 billion

Shaw Communications announced consolidated financial and operating results for the second quarter ended February 29, 2016.

Shaw Communications Operating income was $502 million

Revenue from continuing operations for the quarter and year-to-date of $1.15 billion and $2.30 billion increased 3% and 3.4% over the comparable periods, respectively.

Operating income before restructuring costs and amortization for the quarter and year-to-date of $502 million and $1.01 billion improved 0.8% and 2.5% over the comparable periods, respectively.

The company sold Shaw Media to Corus Entertainment for consideration of approximately $2.65 billion which is comprised of $1.85 billion in cash and 71,364,853 Corus Class B non-voting participating shares issued at $11.21 per share.

Consolidated free cash flow1 for the three and six month periods of $119 million and $291 million, respectively, as compared to $169 million and $362 million for the comparable periods.

The reduction for the quarter and year-to-date was largely due to higher planned capital expenditures which were partially offset by higher operating income before restructuring costs and amortization1 and lower cash taxes.

For Consumer, revenue generating units (RGUs) were 41,922 lower in the quarter, an improvement over the 43,750 RGUs loss in the first quarter of 2016 and 65,215 RGU losses in the second quarter of 2015.